Toronto Office Spaces for Lease or Rent See Declining Vacancy Rates
In a new office-market report released last week, the downtown Toronto office space vacancy rate was reported to be at 4.2 per cent in the last quarter, down from 4.6 percent.
Proof, say analysts that demand for office space for lease, for rent or for sale, is on a definite upswing in the downtown Toronto Market.
Much of Metro Toronto’s downtown core is made up of areas known as the Financial District or the Central Business District as well as Fashion District, Entertainment District, Distillery District, Church & Wellesley.
Downtown Toronto office space retains its appeal thanks to the ease of access via Toronto’s subway system. The Yonge Subway, University Subway, Spadina Subway, Bloor Subway, Danforth Subway, Sheppard Subway, GO Train and the GO Bus all offer direct access to landlords, tenants and developers who are concentrated in the downtown market.
Of course, the Toronto office space leasing market is made up of so much more than downtown Toronto class A Class, Bank Tower, AAA (Triple-A), B Class and C Class real estate developments. Consider the following markets: 400 &407, Highway 400 & Highway 407, 404 & 7, Highway 404 & Highway 7, 404 &407, Highway 404 & Highway 407, Airport, Airport Corporate Centre, Bloor & Islington, Consumers Road, Cooksville, Dixie & Eglinton, Don Mills &Eglinton, Downsview, Dufferin & Finch, Duncan Mill, Yonge & Bloor, Yonge & St. Clair, Yonge & Eglinton, Hamilton, Heartland, Highway 427, King & Dufferin, Liberty Village, Meadowvale, Streetsville and Mississauga City Centre.
As less and less Toronto office space is available to rent, expect it to impact landlords flexibility on lease rates and lease terms.